New Zealand Gazette – 1996 – No. 76

Page 1972

✨ Financial Statements



1972 NEW ZEALAND GAZETTE No. 76

Fixed assets

All fixed assets have been recorded at cost price less depreciation.

Donations

Donations made are included in the statement of financial performance when approved by the trustees.

Taxation

For taxation purposes, the trust is deemed to be a charitable organisation. Its income is not subject to taxation.

Goods and Services Tax

The trust is not registered for goods and services tax purposes. Accordingly, these financial statements are stated on a G.S.T. inclusive basis.

Investments

Investments are stated at market value. Adjustments to market value of investments are included in the statement of financial performance, with the exception of Trust Bank New Zealand shares, which are included in the share revaluation reserve. Dividend income is included in the statement of financial performance when it is received.

2. Incorporation

The Trust Bank Waikato Community Trust was incorporated on 5 August 1988. The value of the Trust Bank New Zealand Limited shares transferred to the Trust Bank Waikato Community Trust is shown in the capital fund in the trust funds section of the statement of financial position.

3. Shares in Trust Bank Waikato New Zealand Limited—Revaluation Reserve

1996 $ 1995 $
Balance at 1 April 73,772,671 93,706,871
Increase (decrease) in
market value 28,199,600 (19,934,200)
Balance at 31 March $101,972,271 $73,772,671

4. Payables

1996 $ 1995 $
Accounts payable 72,372 13,992
Donations payable 205,000 69,450
$277,372 $83,442

5. Waikato Community Trust Charities Limited

This is a wholly-owned charitable company established by the trust and may be used to carry out some of the trust’s future activities. The company has not traded and accordingly no consolidation is required.

6. Investments

1996 $ 1995 $
TBNZ shares 120,091,400 91,891,800
Forward exchange contracts 43,708 –
Cash 1,383,257 11,314,219
Fixed interest 4,275,983 4,180,486
Shares 17,412,226 8,040,759
New Zealand Government stock 517,243 –
Convertible notes 2,528,091 –
$146,252,808 $115,427,264

7. Financial Instruments

The trust uses the services of an investment advisor to pursue an investment policy considered appropriate for the trust. The current policy is to achieve a long term asset allocation of:

  • Cash ... 15 percent
  • Bonds ... 15 percent
  • Equities ... 70 percent

The trust’s financial instruments are denominated in the following currencies:

1996 $ 1995 $
New Zealand dollars 132,883,523 109,864,229
Australian dollar equivalents 2,313,626 1,534,785
United States dollar equivalents 8,033,871 2,095,855
Great Britain pound equivalents 5,649,298 2,105,836
Singapore dollar equivalents 266,096 –


Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1996, No 76


NZLII — PDF NZ Gazette 1996, No 76




✨ LLM interpretation of page content

💰 Trust Bank Waikato Community Trust Financial Statements (continued from previous page)

💰 Finance & Revenue
20 June 1996
Financial Statements, Trust Funds, Donations, Audit Report, Hamilton